for a look at what he is looking for, we welcome michael gapen.be reading of the tea leaves as to when the taper will happen but what do you think was driving the action in the markets today? michael: several reasons that are continuing to push yields lower in the u.s. certainly started around the time of the last fomc meeting, release of the minutes, concerns about inflation. one of them is the hawkish shift in tone, concern about inflation outcomes further down the road, risk management around that problem. the shift in tone of the fed was one of the factors that lead markets to reduce the likelihood that we will get a significant inflation overshoot in the medium-term. i also think technicals are at play. we think many accounts were positioned short, expecting treasury yields to rise. as they grind lower, you end up fighting. the last few weeks -- you end up buying. the last few weeks, global numbers have weakened a bit. momentum has slowed in the quarter. finally, the delta variant, its growth trajectory, how transmissible it is, maybe weighin